Soleno Therapeutics (SLNO) Faces Investor Scrutiny Amid Disappointing VYKAT XR Starts, Discontinuations; Shares Down 26% -- Hagens Berman
SAN FRANCISCO, Nov. 06, 2025 (GLOBE NEWSWIRE) -- On November 5, 2025, investors in Soleno Therapeutics, Inc. (NASDAQ: SLNO) saw the price of their shares tumble $18.78 (-28%) after the company reported disappointing information about VYKAT™ XR, a once-daily oral tablet intended to treat hyperphagia. Soleno has described this condition as "the most life-limiting aspect" of Prader-Willi syndrome, a rare genetic disorder that causes physical, mental, and behavioral problems.
In the wake of this event and severe market reaction, national shareholders rights firm Hagens Berman is continuing its investigation into Soleno.
The firm urges investors in Soleno who suffered significant losses to submit your losses now.
Visit: www.hbsslaw.com/investor-fraud/slno
Contact the Firm Now: SLNO@hbsslaw.com
844-916-0895
Soleno Therapeutics, Inc. (SLNO) Investigation:
The investigation continues to focus on the propriety of Soleno’s statements concerning the safety and repeated assurances about the commercial prospects of VYKAT™ XR.
In September 2025, Soleno assured investors that, after receiving FDA approval for VYKAT™ XR, “the launch has been going really well[]” and “definitely exceeded our expectations.”
Then, during Soleno’s November 4, 2025 Q3 2025 earnings call, the company revealed that “we did see a disruption in our launch trajectory […] mostly in the form of a lower number of start forms and increase[d] discontinuations for non-serious adverse events.”
Back on August 15, 2025, short seller Scorpion Capital raised questions about Soleno's disclosures and made several observations regarding VYKAT™ XR.
The firm noted a "rapid pile-up of reports of children hospitalized for potential heart failure" shortly after using the drug, leading Scorpion to conclude that VYKAT™ XR could be at risk of being withdrawn from the market or that new prescriptions might "plunge."
Scorpion further described Soleno as a "one-trick pony" with no other "meaningful assets, pipeline or scientific program." The report characterized Soleno's sole drug as an "inferior tablet version of a half-century old suspension," highlighting the risk of the company's demise if VYKAT™ XR were to fail, given that its core patent was set to expire in 2026.
Furthermore, Scorpion alleged that Soleno's "launch metrics are hocus-pocus," claiming that the company was highly dependent on a "controversial physician" in Gainesville, Florida, who was the lead investigator on key trials. The report suggested this physician might be an "invisible hand fueling initial start forms."
Finally, Scorpion raised concerns about the physician's co-authored papers, alleging that they "exhibit irregularities consistent with red flags for data integrity and adherence to scientific standards, casting doubt onto the validity of SLNO’s trials, publications, and FDA submissions."
Since August 14, 2025 (the day before Scorpion published its report), by November 5, 2025 the price of Soleno shares has fallen nearly 40%.
“We’re investigating whether Soleno may have misled investors about the support it has said it has about the commercial prospects of VYKAT™ XR,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Soleno and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Soleno investigation, read more »
Whistleblowers: Persons with non-public information regarding Soleno should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SLNO@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
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